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Aug 3, 2009
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keep in mind, bank of america acquiring merrill lynch last december. although the sec says bank of america said merrill had agreed not to pay year-end performance bonuses before the closing of the merger but no such agreement had been reached, there's been a lot of controversies over the $3.6 billion in bonuses paid out by merrill lynch even as the company lost $15 billion, and all of this happening before the deal was finalized between merrill lynch and bank of america. lastly the sec saying that bank of america said merrill had quote agreed not to pay year-end performance bonuses -- that's the wrong one. this is the last one. sec said bank of america had agreed to pay up to $5.8 billion in merrill bonuses contrary to statements in the merger
keep in mind, bank of america acquiring merrill lynch last december. although the sec says bank of america said merrill had agreed not to pay year-end performance bonuses before the closing of the merger but no such agreement had been reached, there's been a lot of controversies over the $3.6 billion in bonuses paid out by merrill lynch even as the company lost $15 billion, and all of this happening before the deal was finalized between merrill lynch and bank of america. lastly the sec saying...
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Aug 11, 2009
08/09
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MSNBC
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you seemed to lay out a defense for john fein, merrill lynch. >> i didn't own merrill lynch stock but if i had, i think anybody would be defending john fein. there was a man who come in to run merrill lynch for 10 or 11 months. he was completely unemotional. he saw within 24 hours, 48 hours in the famous speech in the middle of september when lehman brothers fell, he saw what was likely to happen unless he took very quick action. and he did the deal bank of ame. >> but you think he saved merrill lynch? >> he did a fantastic job for share holders. he said merrill lynch, unless we do something, the bank will go. >> and paulson actually did everything he could do to save lehman brothers. >> yes, i think when history is
you seemed to lay out a defense for john fein, merrill lynch. >> i didn't own merrill lynch stock but if i had, i think anybody would be defending john fein. there was a man who come in to run merrill lynch for 10 or 11 months. he was completely unemotional. he saw within 24 hours, 48 hours in the famous speech in the middle of september when lehman brothers fell, he saw what was likely to happen unless he took very quick action. and he did the deal bank of ame. >> but you think he...
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charges it misled investors about bonuses for merrill lynch execs. and b-o-a hires one of the best- known women on wall street shaking up its top management. we get insight on both moves from veteran banking analyst dick bove. >> susie: cash for clunkers drives a rebound in auto sales giving ford its first positive sales growth in over a year. but the program's future and funding are still up in the air. >> paul: then the markets start the month on a tear with the s&p 500 pushing above one-thousand for the first time since last fall. how long will the rally last? some answers, coming up. >> susie: then, a problem at apple's core. google c.e.o. eric schmidt is stepping down from apple's board of directors. we'll tell you why. >> paul: i'm paul kangas. >> susie: and i'm susie gharib. this is "nightly business report" for monday, august 3. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening, everyone. a management shake-up and a $33- m
charges it misled investors about bonuses for merrill lynch execs. and b-o-a hires one of the best- known women on wall street shaking up its top management. we get insight on both moves from veteran banking analyst dick bove. >> susie: cash for clunkers drives a rebound in auto sales giving ford its first positive sales growth in over a year. but the program's future and funding are still up in the air. >> paul: then the markets start the month on a tear with the s&p 500...
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Aug 3, 2009
08/09
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they contracturally authorized merrill to pay up to $5.8 billion to merrill for 2008. these are the allegations. as they were put forth in the press release by bank of america and the company settling with the sec as they are made public. >> that was fast. i don't know how that came about. >> sorry ken lewis's job at risk and that pushes him out of a job? >> there is a likelihood that that will be the outback. . >> charlie on the news line, is that true? >> a cut and dry case and everybody that followed this merger know that is the bonuses were written in stone. that was a clear condition of the merger. he was ready to back out if ken lewis didn't agree to that. number two, i think ken lewis is finished. here's the thing. they were about to announce the next coming day a plan as it was. they were going to basically put up a couple of people and they fired sally. she is in the running clearly. brian is in the running. maybe one more. succession was definitely on the table for the board. i think that combined with this will be very hard for ken lewis to stay on much long
they contracturally authorized merrill to pay up to $5.8 billion to merrill for 2008. these are the allegations. as they were put forth in the press release by bank of america and the company settling with the sec as they are made public. >> that was fast. i don't know how that came about. >> sorry ken lewis's job at risk and that pushes him out of a job? >> there is a likelihood that that will be the outback. . >> charlie on the news line, is that true? >> a cut...
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Aug 10, 2009
08/09
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then it bought merrill lynch, which got 10 billion. then b of a spent nearly 6 billion on bonuses to merrill execs without telling shareholders, mostly the taxpayer, and then agreed to settle the charge by paying 33 million to the s.e.c., which is also the taxpayer. all four of those items are filled with taxpayer cash. you also have the s.e.c. suing regents bank, another bank bailed out by taxpayers. so once again we are suing ourselves. then there is the 70 billion spent in the auto bailout by taxpayers followed by a taxpayer subsidized incentive to get taxpayers to buy cars from taxpayer owned banks -- excuse me, taxpayer owned automakers. except congressman brad sherman says all the money here is not going in a circle.e. >> half the money is going to cars engineered, designed, mostly made abroad. >> all right. finally, take aig. please. it got 170 billion in taxpayers' money but ate lot of that money went straight out the door to creditors like goldman sachs, who now along with taxpayer bailed out banks may charge us a billion doll
then it bought merrill lynch, which got 10 billion. then b of a spent nearly 6 billion on bonuses to merrill execs without telling shareholders, mostly the taxpayer, and then agreed to settle the charge by paying 33 million to the s.e.c., which is also the taxpayer. all four of those items are filled with taxpayer cash. you also have the s.e.c. suing regents bank, another bank bailed out by taxpayers. so once again we are suing ourselves. then there is the 70 billion spent in the auto bailout...
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Aug 17, 2009
08/09
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that is what merrill lynch came, ultimately to the shame of the ceo. he only done in an understood that when it was too late. tavis: davod fid faber, "an then the roof comes in." thank you. coming up, davis guggenheim. stay with us. davis guggenheim produced the al gore film "an inconvenient truth." he has a new music filling out called -- music film coming out called "it might get loud." >> we are all attempting to share something with another human being. >> it was living, totally living. >> total commitment. getting across what you wanted to say. >> just coming from a creative spot, really. >> that a family of storytellers. you're supposed to join the family, become part of it. >> it is where i am. >> right. tavis: these guys are all pretty good byd is 3, davis -- these three guys are all pretty good, davis. why them? >> the edge from dublin. jimmy page. these different guitarists. the wanted to say something very different korea what did they do with this piece of wood, and how did they express themselves -- they wanted to say something very differ
that is what merrill lynch came, ultimately to the shame of the ceo. he only done in an understood that when it was too late. tavis: davod fid faber, "an then the roof comes in." thank you. coming up, davis guggenheim. stay with us. davis guggenheim produced the al gore film "an inconvenient truth." he has a new music filling out called -- music film coming out called "it might get loud." >> we are all attempting to share something with another human being....
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Aug 30, 2009
08/09
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and i used merrill lynch as an example. i might've used bear stearns, lehman brothers or citigroup, merrill lynch means a great firm that it was of course being on its knees as well last september 14, openly sold to bank of america i felt would be a good example. so that's what i tried to do in the book. there are any number of different things i think that our significant in terms of the focus, but other things that i was trying to do more to combat some of the i think myths that are out there that have been promulgated. for example, that fannie mae and freddie mac caused the economic crisis or caused the credit crisis. visited something that is been bandied about certainly in political circles. and it is really not a big fannie mae and freddie mac at many wrong things but ultimately, if you read the book, i think i try and explain that it was in fact their absence from the market for mortgages that allow wall street to move in and overlake ao many of the problems that we currently are still suffering from. rather than the
and i used merrill lynch as an example. i might've used bear stearns, lehman brothers or citigroup, merrill lynch means a great firm that it was of course being on its knees as well last september 14, openly sold to bank of america i felt would be a good example. so that's what i tried to do in the book. there are any number of different things i think that our significant in terms of the focus, but other things that i was trying to do more to combat some of the i think myths that are out there...
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Aug 3, 2009
08/09
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at the heart of the matter, billions of dollars in bonuses paid to merrill lynch employees. will this latest debacle seal ken lewis's fate? joining me now to discuss, robert hime, senior partner at meyers & hime.. also a former s.e.c. enforcement official. let me get right to the deal with the s.e.c. what do you read into that?? $30 million on 5.8 billion in bonuses doesn't seem like a lot to us. how severe does it seem to you? >> well, it's not when you compare it to the amount of bonuses, but certainly a $33 million fine by the s.e.c. on any company is really meant to send a message to that company that the s.e.c. won't tolerate investors being misled. and i think here you had a pretty egregious example based on the s.e.c.'s complaint of investors being misled to approve this merger. >> i mean, what does it really mean from there, though? because they didn't have to admit wrongdoing, which i understand is standard. but it just -- it seems like kind of a rounding error on their balance sheet. should it have been more? >> well, i think you can always make arguments for havin
at the heart of the matter, billions of dollars in bonuses paid to merrill lynch employees. will this latest debacle seal ken lewis's fate? joining me now to discuss, robert hime, senior partner at meyers & hime.. also a former s.e.c. enforcement official. let me get right to the deal with the s.e.c. what do you read into that?? $30 million on 5.8 billion in bonuses doesn't seem like a lot to us. how severe does it seem to you? >> well, it's not when you compare it to the amount of...
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Aug 4, 2009
08/09
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to back out from his ridiculously high bid for merrill. heck, it's true, ken lewis waited a few weeks in both cases, he might have been able to buy countrywide and merrill for nothing. and you know what? we don't care. we don't care, because we've got one of those opportunities that i live for when i ran money at my hedge fund. the moment when both charts and the fundamentals -- both charts and fundamentals are screaming -- ♪ hallelujah >> and the spread quadrupling this year, i think bank of america could rally another 50%. >> all aboard! >> and maybe even double, thanks to a coalition of the ruling buyers who can't stay away from the stock. that's why i've made bank of america one of my largest positions in my charitable trust portfolio. so, first, what are the charts saying about the future? what are the technicians who interpret these picket graphs saying about where bank of america's going? tonight, we go off the charts with dan fitzpatrick, our go-to technician and my colleague at thestreet.com, where i'm chairman, and you've proba
to back out from his ridiculously high bid for merrill. heck, it's true, ken lewis waited a few weeks in both cases, he might have been able to buy countrywide and merrill for nothing. and you know what? we don't care. we don't care, because we've got one of those opportunities that i live for when i ran money at my hedge fund. the moment when both charts and the fundamentals -- both charts and fundamentals are screaming -- ♪ hallelujah >> and the spread quadrupling this year, i think...
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Aug 31, 2009
08/09
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have a lot and ordered him to bail out merrill lynch. if you put people in headlocks you could put the seal of u.s. bancorp and said phe reason that is important you can have 700 billion worth of commercial residential real-estate oil, ld, stocks andonds they had a lot of assets when you have a company that goes into bankruptcy come you have a reorganize the -- a reorganize there come in and they are just interted in selling assets and unwinding their risk and this was the most horrifying of unwind in theistory of all bankruptcy is. no preparation. of the documents, the initial document was only5ages long this is almost a 700 billion-dollar bankruptcy and the initial document that they've presented to the judge's only 15 pages long. this document should ha been pre-hundred pages to articulate how they would unwind theirisk per after it failed to have this and why did that was so nasty that is where when you're sittingt home and you remember how the stock marketent down every day that is because lehman was then there unwind a it was bring
have a lot and ordered him to bail out merrill lynch. if you put people in headlocks you could put the seal of u.s. bancorp and said phe reason that is important you can have 700 billion worth of commercial residential real-estate oil, ld, stocks andonds they had a lot of assets when you have a company that goes into bankruptcy come you have a reorganize the -- a reorganize there come in and they are just interted in selling assets and unwinding their risk and this was the most horrifying of...
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Aug 5, 2009
08/09
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to back out from his ridiculously high bid for merrill. heck, it's true, ken lewis waited a few weeks in both cases, he might have been able to buy countrywide and merrill for nothing. and you know what? we don't care. we don't care, because we've got one of those opportunities that i live for when i ran money at my hedge fund. the moment when both charts and the fundamentals -- both charts and fundamentals are screaming -- ♪ hallelujah >> buy, buy, buy. >> and the spread quadrupling this year, i think bank of america could rally another 50%. >> all aboard! >> and maybe even double, thanks to a coalition of the ruling buyers who can't stay away from the stock. that's why i've made bank of america one of my largest positions in my charitable trust portfolio. so, first, what are the charts saying about the future? what are the technicians who interpret these pick toe -- picketo graphs saying about where bank of america's going? tonight, we go off the charts with dan fitzpatrick, our go-to technician and my colleague at thestreet.com, where
to back out from his ridiculously high bid for merrill. heck, it's true, ken lewis waited a few weeks in both cases, he might have been able to buy countrywide and merrill for nothing. and you know what? we don't care. we don't care, because we've got one of those opportunities that i live for when i ran money at my hedge fund. the moment when both charts and the fundamentals -- both charts and fundamentals are screaming -- ♪ hallelujah >> buy, buy, buy. >> and the spread...
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Aug 7, 2009
08/09
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maybe at this point they should be thanking him for pressuring merrill to go with the acquisition. maybe they need a scalp here to show middle america, look how we punished the ceo of this big bank who got a bailout? >> i think you're exactly right, what they're attempting to do. you have all this populist fury what the banking industry has done to america and there seems to be a demand legislators are reacting to, we have to punish someone and hang him. the salem witch trial. if a man improved the earnings of his company and driven up the stock, it is outrageous people should come and say congress should have hearings, court should have hearings, the company should be fined. how can the sec fine a company $33 million if in fact the head of that company has just improved the lot of its shareholders. >> let's complain the company spent a million dollar on office decoration while we charged the company $33 million we were worried it was in such bad state. let's bring back the real deal squad julie, tanya, susan, tony. susan, i'm hoping you fall on the side of dick bove. i think he ma
maybe at this point they should be thanking him for pressuring merrill to go with the acquisition. maybe they need a scalp here to show middle america, look how we punished the ceo of this big bank who got a bailout? >> i think you're exactly right, what they're attempting to do. you have all this populist fury what the banking industry has done to america and there seems to be a demand legislators are reacting to, we have to punish someone and hang him. the salem witch trial. if a man...
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Aug 27, 2009
08/09
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bank of america bought merrill lynch in this winter. merrill lynch wasç going under when it was bought with its executives were awarded big time. they got $3.60 billion in bonuses. now, here is the shady part. the shareholders were not told of the $3.60 billion paid to executives at merrill lynch. bank of america and got expos. the sec jumped into it, hit bank of america with a civil suit, and now, that suit may be settled with millions of dollars, but a federal judge may say not so fast. he wants to know whose idea it was to hide the bonuses. it was yours during a caught my attention, louise. attention, louisour story that t my attention. >> it was somebody looking for some answers. greta: what ij the excuse the bank is giving? the judge wants to know, a ok, who sort of hid this from the shareholders and thought it would be ok to do it -- the judge wants to know, ok, who's sort of hit this from the shareholders and thought it would be a gate -- this sort of hid this from the shp)eholders and thought it would be ok? >> there is a turn
bank of america bought merrill lynch in this winter. merrill lynch wasç going under when it was bought with its executives were awarded big time. they got $3.60 billion in bonuses. now, here is the shady part. the shareholders were not told of the $3.60 billion paid to executives at merrill lynch. bank of america and got expos. the sec jumped into it, hit bank of america with a civil suit, and now, that suit may be settled with millions of dollars, but a federal judge may say not so fast. he...
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Aug 12, 2009
08/09
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it wasn't to make merrill lynch a profit. part of their bonuses was part of their compensation package they should be entitled to if they have done what they need to do. >> do you think they need to be punished. everyone keeps saying they did a bad job and don't deserve bonuses and want all the employees punished even the ones who didn't do the particular bad job, debra. >> i don't think those employees did a particular bad job. they're throwing the baby with the bath water. those employees, if they met their obligation and did what they were to dine their job, unless their job was specifically making merrill lynch a profit, they did their job and should be paid their compensation. >> traders, that is their job to make a profit. al, do you think this kind of bonus backlash can hurt the recovery. i keep thinking we can make a recovery if this doesn't get in the way. >> absolutely. 63% of americans are shareholders and watching this go back and forth. shareholders be wear, caveat emptor, this will turn into a very serious probl
it wasn't to make merrill lynch a profit. part of their bonuses was part of their compensation package they should be entitled to if they have done what they need to do. >> do you think they need to be punished. everyone keeps saying they did a bad job and don't deserve bonuses and want all the employees punished even the ones who didn't do the particular bad job, debra. >> i don't think those employees did a particular bad job. they're throwing the baby with the bath water. those...
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Aug 3, 2009
08/09
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over allegations about how they reported the bank of america merrill lynch bonuses deal. that stock is trading up. a brilliant series of commentaries in the middle of the day from bank of america on the cyclicals. the weak dollar you see here. breakout. these are essentially new highs going back to september or october for most of the major cyclical names here. on the autos, ford's at a new high, toyota motors also at the highest since september. and even the car dealers are doing better today. look at sonic automotive. all the car dealers are up. you know what's not doing well in the auto group? anything that's like those replacement parts like auto zone. they were doing better when the sales were terrible. now sales are doing a little bit better they're a little weaker here today. take a look at the defensive names.s. the only groups holding back here is your classic pepsis and colgates, your heinzes as well. we had comments from clorox this morning that were a little disappointing. finally, here's the big story about being over 1,000 on the s&p. it's usually just a ro
over allegations about how they reported the bank of america merrill lynch bonuses deal. that stock is trading up. a brilliant series of commentaries in the middle of the day from bank of america on the cyclicals. the weak dollar you see here. breakout. these are essentially new highs going back to september or october for most of the major cyclical names here. on the autos, ford's at a new high, toyota motors also at the highest since september. and even the car dealers are doing better today....
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Aug 12, 2009
08/09
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t.a.r.p. 2, $15 million to merrill lynch. then the alleged bonus fiasco. then the stress test where they came out to be very under capitalized. but then things started to turn. they were able to raise $13.5 billion of equity. they then did a convert to $14.8 billion. then they sold assets for another $7 billion. 30-some-odd billion dollars -- ish. it is an extraordinary amount of money. if you think about this franchise, they're in 1 of every 2 homes in america. you got countrywide cranking it. that refinancing business is huge. they've got the thundering herd. good or bad depending on how you look at it but the potential profitability here is enormous. they have survived the onslouth of all of this crap from 2008. here they are. i like bank of america. we are early -- common shares, i am long. preferred shares, i think the preferred that have less risk, less return. the common, it is nice to have a guy like john paulson, yes winl's the fourth largest shareholder now. he it buy these as of uni30. the stock wasn't priced that different from here. it is a bi
t.a.r.p. 2, $15 million to merrill lynch. then the alleged bonus fiasco. then the stress test where they came out to be very under capitalized. but then things started to turn. they were able to raise $13.5 billion of equity. they then did a convert to $14.8 billion. then they sold assets for another $7 billion. 30-some-odd billion dollars -- ish. it is an extraordinary amount of money. if you think about this franchise, they're in 1 of every 2 homes in america. you got countrywide cranking it....
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Aug 3, 2009
08/09
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b of a seeing the charges with the sec paid to merrill employees last year. without confirming or denying wrong-doing, he will face millions in fines and making false and misleading statements alleging b of a agreed to pay 5.8 billion as part of the agreement to buy merrill lynch when shareholders voted on the deal and because of the size of those bonuses, it was material and the b of a shareholders should have known. >> we will have reaction there. it's a matter of time and i'm looking at the what do you think about this in terms of ken lewis and his job. >> over a reason to fire him and now we have a million and one. the stock is going up because it so happen that is the particular point in the cycle, what lewis put together may be the coiled spring, but we are buy together hand over fist and that's what matters. >> you are a fan. >> she got caught up and anywhere knows this is the business you should be in. global wealth management. a great person and will do a fabulous job. i think that was just the kind of person they need in a good division to begin wit
b of a seeing the charges with the sec paid to merrill employees last year. without confirming or denying wrong-doing, he will face millions in fines and making false and misleading statements alleging b of a agreed to pay 5.8 billion as part of the agreement to buy merrill lynch when shareholders voted on the deal and because of the size of those bonuses, it was material and the b of a shareholders should have known. >> we will have reaction there. it's a matter of time and i'm looking...
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Aug 4, 2009
08/09
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has agreed to pay a $33 million penalty to settle government charges that it misled investors about merrill lynch's plans to pay bonuses. b of a said they would not make the payouts without consent but the sec says bank of america authorize the merrill lynn touch pay out nearly $6 billion in bonuses. >>> the white house doing a bit of damage control about word of possible tax hike on the mi over the weekend, two of president obama's top economic advisors refused to rule out raising taxes on the middle class to pay for health care reform. white house press secretary robert gibbs says both men allowed themselves to get caught up in a hypothetical argument and that the president will keep his campaign promises. >> the president is clear during the campaign about his commitment on not raising taxes on middle class families. >> in the meantime, the white house is pushing congress to pass certain legislation before its august recess. gibbs says the cash for clungers program will be the topic of discussion at today's lunch with senate democrats. >>> there might be a little birthday cake r tethar m
has agreed to pay a $33 million penalty to settle government charges that it misled investors about merrill lynch's plans to pay bonuses. b of a said they would not make the payouts without consent but the sec says bank of america authorize the merrill lynn touch pay out nearly $6 billion in bonuses. >>> the white house doing a bit of damage control about word of possible tax hike on the mi over the weekend, two of president obama's top economic advisors refused to rule out raising...
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Aug 3, 2009
08/09
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b of a told shareholders merrill would not pay a year-end bonus or bonuses, but merrill was authorized to shell out almost $6 million in bonuses, about 12% of the total purchase price. bank of america has agreed to pay a $33 million penalty. >>> dealers are complaining they can't keep up with cash for clunkers demand. chrysler is backing away from its promise to double the incentive because its dealers are running out of stock. the government program might end anyway unless the senate votes to add more money to the pot. less than an hour ag grow andrea mitchell got this prediction from transportation secretary ray la hood. >> the house passed it with over 300 votes. that's a big, big majority. we're working very hard with the senate and senate leadership to make sure all senators understood how wildly popular this is, how good it is for the economy, how good it is for the environment, and we believe the senate will pass it this week. >>> cnbc auto expert phil la grang. >> reporter: contessa, we're seeing this at this fort dealership where we're at. we were here on saturday. the lot was
b of a told shareholders merrill would not pay a year-end bonus or bonuses, but merrill was authorized to shell out almost $6 million in bonuses, about 12% of the total purchase price. bank of america has agreed to pay a $33 million penalty. >>> dealers are complaining they can't keep up with cash for clunkers demand. chrysler is backing away from its promise to double the incentive because its dealers are running out of stock. the government program might end anyway unless the senate...
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Aug 3, 2009
08/09
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people bonuses, but at the end of the day, the merrill deal is a good deal for b of a, is it not? >> the lehman deal is going to end up being a great deal for barclays and they've already implied that. let's not get into analysis of everything, the answer is, if things keep marching in this direction, that's a big if, but if they do, some of these deals will end up outstanding. >> steve, i don't want to obsess with banks, but banks are an important part of this bull market recovery story, i think. and hsbc reported good earnings. barclay's reported good earnings, two london-based banks, i guess hsbc is a hong kong based bank or whoever it is now. british, commonwealth, we'll have to go back and have lord pisani and lord grasso. what i'm asking you, steve, what does this mean for american banks that have these good overseas operations and in particular asian operations? the "wall street journal" had a story today that said citigroup, yeah, that's right, the aforementioned citigroup, which is going to be about 1/3 owned by uncle sam is none the less, steve, a good investment.t. one
people bonuses, but at the end of the day, the merrill deal is a good deal for b of a, is it not? >> the lehman deal is going to end up being a great deal for barclays and they've already implied that. let's not get into analysis of everything, the answer is, if things keep marching in this direction, that's a big if, but if they do, some of these deals will end up outstanding. >> steve, i don't want to obsess with banks, but banks are an important part of this bull market recovery...
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Aug 7, 2009
08/09
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CNBC
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bigger than merrill's. remember when they combined the smith barney with the dean whiter, mortgage brokers? i think he got 18, 20,000 brokers right now. he's the leading candidate. it's not a done deal, but from what i hear, and people pretty high up in the firm are telling me he's the likely -- >> he wants to get in, charlie. >> i heard you talking before that you were at least inferring -- they weren't taking enough risk and they were bringing in a guy -- >> i didn't -- i didn't -- i didn't infer that. what i said was the problem that john mack has, he had a pretty tough three years. >> yeah. >> he changed -- in 2005, he changed the business model from an advisory model, right, where they basically made money advising on mergers and acquisitions on the brokerage department. it was run by phil persell. when he got thrown out, mack came in. and changed it to a proprietary model, taking risks on trades, taig taking risks on whatever you do. hedge funds, whatever -- whatever risk-taking you can do. morgan sta
bigger than merrill's. remember when they combined the smith barney with the dean whiter, mortgage brokers? i think he got 18, 20,000 brokers right now. he's the leading candidate. it's not a done deal, but from what i hear, and people pretty high up in the firm are telling me he's the likely -- >> he wants to get in, charlie. >> i heard you talking before that you were at least inferring -- they weren't taking enough risk and they were bringing in a guy -- >> i didn't -- i...
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Aug 14, 2009
08/09
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CNBC
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merrill lynch is ramping up recruiting as it seems to replace staff that left the company. merrill is offering bonuses 140% of their past 12 months of production and more if they hit their target over the next five years. >> you can get more news, videos and blogs on cnbc.com. becky. >>> coming up on "worldwide exchange," are you a deflationist or inflationist? as government debt balloons, we'll ask when central banks should begin to tighten policy. plus hong kong, gdp data is out in about 15 minutes' time. >>> welcome back to the show. we are going to take a quick check of the global equity markets here. why don't we start here in the uk. looking at the best prmpers, we see a reelt theme coming out here. the real estate companies, property companies in the uk are getting a real bump up today. particularly british land, which is moving higher by almost 6.8%. reports in the daily telegraph newspaper here in the uk suggests british land is the target of interest from investors. possibly including mittal for a start. let me clearly send the show to british land itself higher,
merrill lynch is ramping up recruiting as it seems to replace staff that left the company. merrill is offering bonuses 140% of their past 12 months of production and more if they hit their target over the next five years. >> you can get more news, videos and blogs on cnbc.com. becky. >>> coming up on "worldwide exchange," are you a deflationist or inflationist? as government debt balloons, we'll ask when central banks should begin to tighten policy. plus hong kong, gdp...
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Aug 3, 2009
08/09
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CNBC
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we spy rich bernstein, the highly regarded former merrill lynch strategist. you really need it these days. how come? well if you're hurt and can't work it pays you cash... yeah to help with everyday bills like gas, the mortgage... ...and groceries. it's like insurance for daily living. so...what's it called? uhhhhh aflaaac!!!! oh yeah! that's it! aflac. we've got you under our wing. a-a-a-aflaaac! to being able to manage your diabetes properly. it's very important for me to uh check my blood sugar before i go on stage. being on when i'm feeling low can be like a rollercoaster. it does at times feel like my body is telling me to do one thing... and, my mind, my heart is telling me to do something else. managing my highs and lows is super important. with my contour meter i can personalize my high/lo settings so it really does micromanage where my blood sugar needs to be. i'm nick jonas and never slowing down is my simple win. >>> yeah. we're going to washington, mr. smith. mr. quintanilla and mr. joe kernen go to washington. >> it's going to be cool. >> yeah, i
we spy rich bernstein, the highly regarded former merrill lynch strategist. you really need it these days. how come? well if you're hurt and can't work it pays you cash... yeah to help with everyday bills like gas, the mortgage... ...and groceries. it's like insurance for daily living. so...what's it called? uhhhhh aflaaac!!!! oh yeah! that's it! aflac. we've got you under our wing. a-a-a-aflaaac! to being able to manage your diabetes properly. it's very important for me to uh check my blood...
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Aug 4, 2009
08/09
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WBAL
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accusations over merrill lynch bonus payouts. cisco, scheduled to report this week, up 2.6% by the end of the day. helping the nasdaq to its first close over 2,000 since last october. >>> asian markets hit 11-month highs tuesday before profittakers moved in. and the japanese automaker toyota posted its third straight quarterly loss. on the bright side, the company said it expects less red ink for the full year. >>> wall street will be watching this morning when new reports are released on personal income and spending, followed by pending home sales data. >>> keep an eye on whole foods, the upscale grocery chain is due to release its earnings after the market closed today. finally, there may be a few more college students on the beach in south florida this semester. that's because the university of miami law school accepted too many students and they're now offering $5,000 to any admitted grads who will postpone their enrollment until next semester. how's that for a deal? >>> more nfl. news from the docket. last night's baseball h
accusations over merrill lynch bonus payouts. cisco, scheduled to report this week, up 2.6% by the end of the day. helping the nasdaq to its first close over 2,000 since last october. >>> asian markets hit 11-month highs tuesday before profittakers moved in. and the japanese automaker toyota posted its third straight quarterly loss. on the bright side, the company said it expects less red ink for the full year. >>> wall street will be watching this morning when new reports are...
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527
Aug 11, 2009
08/09
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MSNBC
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there was a man who come in to run merrill lynch for 10 or 11 months. he was completely unemotional. he saw within 24 hours, 48 hours in the famous speech in the middle of september when lehman brothers fell, he saw what was likely to happen unless he took very quick action. and he did the deal bank of ame. >> but you think he saved merrill lynch? >> he did a fantastic job for share holders. he said merrill lynch, unless we do something, the bank will go. >> and paulson actually did everything he could do to save lehman brothers. >> yes, i think when history is re-written, you know, and they had to admit the economy looks like it's better than it was. and we forget that it was henry paulson who actually was responsible for the very dramatic legislation that changed -- well, it actually saved all of wall street and the economy. wall street affects main street. hank paulson, with the fed went through a lot of legislation. and i hope his memoirs get painted differently. >> yeah, he really has. he is a guy that came out of retirement. i am sure he wishes he
there was a man who come in to run merrill lynch for 10 or 11 months. he was completely unemotional. he saw within 24 hours, 48 hours in the famous speech in the middle of september when lehman brothers fell, he saw what was likely to happen unless he took very quick action. and he did the deal bank of ame. >> but you think he saved merrill lynch? >> he did a fantastic job for share holders. he said merrill lynch, unless we do something, the bank will go. >> and paulson...
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Aug 10, 2009
08/09
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CNBC
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define merrill lynch, $10 billion. then came $6 billion in bonuses paid to merrill execs which regulators say weren't disclosed to shareholders. that includes you the tack pairs. >> when you talk about shareholders, we are, by far, shareholders. >> b of a, aka, you the taxpayer agreed to pay $33 million back to you, the taxpayer. here is another example. >> could i ask the three executives here to raise their hands if they flew here commercially. >> taxpayer bailouts of the car business total $70 billion. now with cash for clunkers we have a taxpayer subsidy to convince buying. that circle of debt is like a tire with a leak. >> half the money goes for cars engineered, designed, mostly made abroad. >> reporter: finally take aig, please, taxpayers poured in $170 billion there. much went to banks who will give you advice on how to break up aig. at this point they give you advice for free. as if, one more example, civilian contractors in iraq have to buy insurance usually from aig owned by you. their insurance premiums hav
define merrill lynch, $10 billion. then came $6 billion in bonuses paid to merrill execs which regulators say weren't disclosed to shareholders. that includes you the tack pairs. >> when you talk about shareholders, we are, by far, shareholders. >> b of a, aka, you the taxpayer agreed to pay $33 million back to you, the taxpayer. here is another example. >> could i ask the three executives here to raise their hands if they flew here commercially. >> taxpayer bailouts of...
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Aug 31, 2009
08/09
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FOXNEWS
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they are rewarding citigroup and merrill lynch who caused this thing. >> i would love it if the banks would get punched including people... but i can't think of a scenario where they would fall another 50%. >> people that make their mortgage payments. >> and ultimately the government look at all the banks have had to pay out of the fdic. they are almost out of money. if homes fell 50% more because we all stood back and watched. >> fdic is bailing out those member banks who are members of fdic. one big bank, citigroup, aig cost more than all the banks in the united states. >> between the two of them. >> i think my concern with all of those.... >> it's not, but the tip of the bubble went away. we coughed up, elevated level. they could fall another 40-50%. >> that is what needs to happen. no one likes to see people thrown out of their homes but that foreclosure profit, mortgage is between a borrower and a lender. >> it will be quicker. >> if you want to drag it out five to ten years. >> it hasn't hit the commercial real estate market. what is it going to happen next. we keep pouring mone
they are rewarding citigroup and merrill lynch who caused this thing. >> i would love it if the banks would get punched including people... but i can't think of a scenario where they would fall another 50%. >> people that make their mortgage payments. >> and ultimately the government look at all the banks have had to pay out of the fdic. they are almost out of money. if homes fell 50% more because we all stood back and watched. >> fdic is bailing out those member banks...
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Aug 11, 2009
08/09
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WBAL
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the case stems from charges that boa misled investors about plans to pay merrill lynch bonuses. the court is requesting additional details. >>> if you are tired of plain old vanilla, head to london for an ice cream cocktail that will cool you off. amen amenno acids make up this drink. >>> the rockies roll over the cubs. and a terrifying wreck from nascar as one car goes spinning in circles and then gets slammed by another. your early morning sports headlines straight ahead. >>> that accident was a lot worse than any weather we'll see today. actually, very typical summer. your regional forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, the colorado rockies are in celebration mode after their shortstop achieved one of the rarest feats in baseball. here's bill suard. >> a very good morning to you. last season the rockies were nowhere near the playoffs. in denver, big day for troy tulle wits see. opens with a two-run homer. in the seventh, needs a triple for the cycle. chugging for third the whole way.
the case stems from charges that boa misled investors about plans to pay merrill lynch bonuses. the court is requesting additional details. >>> if you are tired of plain old vanilla, head to london for an ice cream cocktail that will cool you off. amen amenno acids make up this drink. >>> the rockies roll over the cubs. and a terrifying wreck from nascar as one car goes spinning in circles and then gets slammed by another. your early morning sports headlines straight ahead....
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Aug 5, 2009
08/09
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CNBC
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citigroup, merrill lynch, you name it. lehman brothers, bear stearns. why are they telling me this? why does anybody tell me anything? i mean -- >> they can't help themselves. they hang out with you and people can't help themselves. they come over and talk to you. i've seen it myself. it happens all the time. >> obviously, goldman sachs wants to spread around the nasty stuff. >> i think so. >> but that's how i get all my stories anyway. let them have their chance once in a while. >> this is why we love youish charlie gasparino, thanks very much. >> equal opportunity abuser. >> there you go. 20 minutes to go before the closing bell. the dow and nasdaq both in the red. the dow down about 40 points. bob. >> we'll discuss which retailers will make the grade this school shopping season. retail sales tomorrow, folks. and which you should expel from your portfolio. >> and then coming up after the bell a "first on cnbc" interview with the ceo of utility giant pg&e. hear where he thinks energy prices are headed and whether he thinks president obama's cap and trade proposal could have on his
citigroup, merrill lynch, you name it. lehman brothers, bear stearns. why are they telling me this? why does anybody tell me anything? i mean -- >> they can't help themselves. they hang out with you and people can't help themselves. they come over and talk to you. i've seen it myself. it happens all the time. >> obviously, goldman sachs wants to spread around the nasty stuff. >> i think so. >> but that's how i get all my stories anyway. let them have their chance once in...
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Aug 7, 2009
08/09
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WBFF
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7th the key is going to be the best that can grow as the most late summer and is due to because of merrill streep one person. she may have taken three decades in terms of hit her career but she's not only considered the best actress in a world where her 15 oscar nominations but she is considered one of the most bankable actresses following her smash hits the double worst problem but ammonia this movie has been creating both among the women and full network goes out to 100 million homes i see women and even men and really flocking to see this movie. not only that this is a popular topics but it has a good underlying theme of women finding their own destiny in the professional world and having their husband there is about real people and good husbands and the fact that there hasn't been many movies and the middle of may him this may still have today is going to be number one this week because it has more springs and it is the last big action movies was probable about 50 million and with paramount relieved of green with this movie after transformers $40 million budget for julia and julia so a
7th the key is going to be the best that can grow as the most late summer and is due to because of merrill streep one person. she may have taken three decades in terms of hit her career but she's not only considered the best actress in a world where her 15 oscar nominations but she is considered one of the most bankable actresses following her smash hits the double worst problem but ammonia this movie has been creating both among the women and full network goes out to 100 million homes i see...
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Aug 4, 2009
08/09
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CNBC
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tom montag, a guy that ran merrill lynch's trading desk when they lost the $15 billion. barbara desoer, i don't know much about her. >> she's probably thrilled about that. >> right. but what people are telling me, these are all very smart people, not necessarily someone you think is going to run something as big as b of a. they're telling me lewis doesn't want to leave immediately, year, year and a half. that does give him the time and within that period of time, they may opt for an outside candidate. here's the fly in the ointment on the outside candidates, the need to pick someone quick which would come from those five people. it's the andrew cuomo investigation. yesterday the sec ended its investigation or at least concluded a major part of it on whether bank of america disclosed the right stuff about its merrill lynch merger. they pointed to specifically the bonus information. the sec said they did not adequately disclose that investors before they voted to approve the deal in december 2008. they fined bank of america a paltory $33 million. i can tell you this. sourc
tom montag, a guy that ran merrill lynch's trading desk when they lost the $15 billion. barbara desoer, i don't know much about her. >> she's probably thrilled about that. >> right. but what people are telling me, these are all very smart people, not necessarily someone you think is going to run something as big as b of a. they're telling me lewis doesn't want to leave immediately, year, year and a half. that does give him the time and within that period of time, they may opt for an...
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Aug 10, 2009
08/09
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CNBC
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bank of america and merrill lynch upgraded them from underperforming to neutral. that stock is rallying 7.2%. as far as my index is concerned. over to paris. >> we've got also some action in the french markets. after the strong set of results we have from french companies over the last few weeks, this new major publication expected this weekend. the cac is down 0.7%. the publication industry up 3.5% after the acquisition of razor fish from microsoft. a very achieve price tag. microsoft paid almost $2 billion for the same company two years ago. with this acquisition, they are going to reach its target in digital media one year of schedule, doing 25% of its business on the internet. they say that the company has created a huge gap between the because of the communication industry is is clearly on the internet. microsoft will be one of the main holders with a 3% stake in the economy. over to singapore with a view on the asian markets. >> the rally here owed to the better than expected u.s. jobs data out on friday. the nikkei hitting a ten-month high. that market clos
bank of america and merrill lynch upgraded them from underperforming to neutral. that stock is rallying 7.2%. as far as my index is concerned. over to paris. >> we've got also some action in the french markets. after the strong set of results we have from french companies over the last few weeks, this new major publication expected this weekend. the cac is down 0.7%. the publication industry up 3.5% after the acquisition of razor fish from microsoft. a very achieve price tag. microsoft...
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Aug 6, 2009
08/09
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WMAR
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the penalty to settle charges that it misled investors about plans to pay bounces to executives at merrill lynch. the judge said the proposed settlement would leave uncertain the truth of very serious allegations made in the complaint. >>> hyatt hotel corporation has filed with the sec proposing a public offering of shares. it valued the ipo at 1.15 billion but did not give a date for the offering t will use the proceeds for acquisitions and investment in new properties. those are your business headlines. >>> now let's talk about your pension fund or do you want to talk about your public fund. it has fallen by more than 20% in the past year. stocks or invests held by the retirement and pension system hit a high of 40.9 in 2007. officials say a drop to 28.9 million as of june 30th. the tip could force the state to dedicate money to cover employee retirement cost. >>> listen it's not too late. the governor wants your input on the budget cuts. he has received 1000 comments on the side. he is encouraging you to submit suggestions. it approved cuts. possibly addressing a short fall of $700 mill
the penalty to settle charges that it misled investors about plans to pay bounces to executives at merrill lynch. the judge said the proposed settlement would leave uncertain the truth of very serious allegations made in the complaint. >>> hyatt hotel corporation has filed with the sec proposing a public offering of shares. it valued the ipo at 1.15 billion but did not give a date for the offering t will use the proceeds for acquisitions and investment in new properties. those are your...
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Aug 8, 2009
08/09
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WJLA
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. >> merrill streep captures the joy of julia child and "julie and juliet. -- "julie and julia." it is 3.5 stars. 2.5 stars for the thriller with a twist. they have issues in "adam." good chemistry, but a little too lifetime channel for me. >> have a nice weekend, everybody. >>> the nation's best air- guitarists have converged on the nation's capitol. 25 people from around the country are showing off their skills with their and visible instruments. -- invisible instruments. the winner will represent the united states at the world championship in finland. >> a lot of fun in finland coming up. t>>> is too hot to do anything. >> changes on the way, take a look at what is going on outside at this hour. if you clouds will move in from the west for the overnight hours. mostly cloudy skies just off to the east. pes emretuto temperatures to fal into the 50's out in the mountains. a few stops, 76 degrees a national park after a high of 84. 67 in woodbridge, and 64 degrees in rockville. 86 degrees after a morning low of 64. temperatures will skyrocket on sunday, talk about that and just a
. >> merrill streep captures the joy of julia child and "julie and juliet. -- "julie and julia." it is 3.5 stars. 2.5 stars for the thriller with a twist. they have issues in "adam." good chemistry, but a little too lifetime channel for me. >> have a nice weekend, everybody. >>> the nation's best air- guitarists have converged on the nation's capitol. 25 people from around the country are showing off their skills with their and visible instruments....
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2.3K
Aug 3, 2009
08/09
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WMPT
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the company was accused of misleading investors in its purchase of merrill lynch last year. bank of america initially said merrill would not pay year-end bonuses before the deal closed. in fact, the s.e.c. said bank of america had already approved up to $5.8 billion in bonus payments. and still to come on the newshour tonight: scarcity amid plenty; food insecurity; and vitamin d deficiency. that follows the latest in our series on the sticking points in the battle over health reform. tonight, taxing benefits. it's one of the key issues the senate finance committee is grappling with as it tries to craft a bipartisan health care bill. betty ann bowser begins with this report. our health unit is a partnership with the robert wood johnson foundation. >> one idea on the table topi pay for health-care reform is taxing the most costly of employer-provided health insurance benefits. the so-called cadillac plans provided to a small percentage of workers. >> currently employees who receive their health-care benefits through their companies pay no tax on their benefits. but some in con
the company was accused of misleading investors in its purchase of merrill lynch last year. bank of america initially said merrill would not pay year-end bonuses before the deal closed. in fact, the s.e.c. said bank of america had already approved up to $5.8 billion in bonus payments. and still to come on the newshour tonight: scarcity amid plenty; food insecurity; and vitamin d deficiency. that follows the latest in our series on the sticking points in the battle over health reform. tonight,...
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Aug 4, 2009
08/09
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WUSA
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the bank to told chair holders that merrill agreed not to pay year end bonuses without its consent but they say that bank of america has authorized them to pay $5.8 million in bonuses. >>> don't forget, starting on friday, if you shop at stores in virginia you will be exempt from the 5% sales tax on school supplies priced up to $20 and on clothing and shoes priced up to $100. the sales tax holiday ends on saturday, august -- sunday, august 9th. the islamic saudi academy has been granted approval to expand its site by the board of supervisors. public hearings drew dozens of speakers, many opposed the school saying teachings encouraged intolerance, but students, parent and teachers say that the school does nono teach intolerance. >>> students went back to class at seven fairfax elementary schools on friday. they operate on a modified year round schedule but that calendar is in jeopardy because of a tight budget. the school spends $2.6 million a year to run the program. >>> a former u.s. president travels to north korea to try to free two american journalists. >>> taliban fighters vow to
the bank to told chair holders that merrill agreed not to pay year end bonuses without its consent but they say that bank of america has authorized them to pay $5.8 million in bonuses. >>> don't forget, starting on friday, if you shop at stores in virginia you will be exempt from the 5% sales tax on school supplies priced up to $20 and on clothing and shoes priced up to $100. the sales tax holiday ends on saturday, august -- sunday, august 9th. the islamic saudi academy has been...
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97
Aug 20, 2009
08/09
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CNBC
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merrill lynch came out with a couple of strong notes. so people had a reason fundamentally to come back into this market. the government reaffirmed. the government is listening. we said this last night. they're not in this market trading it, but they are very concerned about sentiment, so that trickled through the rest of the world. did our market go up today because of china? i don't think so. but people sudlane stopped talking about china today. markets were up on a day when commodities were down. china does matter here. >> maybe they were listening to us yesterday. if you take a look at this, we sort of did research. we called up rich peterson over at s&p and we asked him how many times do we see big swings in the chineeds market? 8% of the time in the past year, we have seen swings of 5% or more on the shanghai index. so this is typical. this is par for the course. you're talking about a market that doesn't have any ability to short itself. there's no efficiencies in this market. >> and the market scares me. it might not scare other
merrill lynch came out with a couple of strong notes. so people had a reason fundamentally to come back into this market. the government reaffirmed. the government is listening. we said this last night. they're not in this market trading it, but they are very concerned about sentiment, so that trickled through the rest of the world. did our market go up today because of china? i don't think so. but people sudlane stopped talking about china today. markets were up on a day when commodities were...
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142
Aug 9, 2009
08/09
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CNBC
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eye 142
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they're trying to get that merrill-lynch acquisition in line. they're trying to make some progress here. maybe the stock has gotten ahead of itself. 57% or so off of last september's high. 57.5% off of the january low. and if you look at that on a technical basis, it's a reflection point. so what i want to do in the bank of america is buy the november 15, 121 by two put streds, i want to buy one november 15 put for $1.10. two november 12 puts for combined 80 cents. it costs me 30 cents. how do they play in the trade? between 15 and 12 november expirati expiration, between one and nine times my money. between $9 and $12, that payoff trails off dramatically. the worst case scenario is the fact that it's 50% and i get long at these levels. >> a bock stop here by the government that we just mentioned and i think you have a good probability of making it -- >> that's a critical point. that's a critical point on this trade. because when i'm bearish, i hate the one-by-twos. one of the reasons i don't like it is you make a bear bet, the stock comes in. y
they're trying to get that merrill-lynch acquisition in line. they're trying to make some progress here. maybe the stock has gotten ahead of itself. 57% or so off of last september's high. 57.5% off of the january low. and if you look at that on a technical basis, it's a reflection point. so what i want to do in the bank of america is buy the november 15, 121 by two put streds, i want to buy one november 15 put for $1.10. two november 12 puts for combined 80 cents. it costs me 30 cents. how do...
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207
Aug 25, 2009
08/09
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CNBC
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. >> we have some breaking news about this settlement between bank of america and merrill lynch you. might recall ta both sides along with the sec i should say, the sides being bank of america and the sec providing submissions to judge overseeing this case yesterday. the judge overseeing this says that monday's submissions raised a few additional issues about the case. essentially the judge has a couple of questions specifically for bank of america and wants to know more specifics why the bank will spend $33 million to settle with the sec without admitting or denying wrongdoing if the proxy statement was not false or misleading, including whether it settled to curry favor with the sec. essentially when both sides, the sec and b of a submitted filings, they say that they relied on outside counsel to create the proxy statement. and rakeoff essentially says it is at war with common sense for a corporate officer who produced a proxy statement to say he relied on counsel and if the company does not waive privilege, meaning attorney/client, then the officer and council's culpability are be
. >> we have some breaking news about this settlement between bank of america and merrill lynch you. might recall ta both sides along with the sec i should say, the sides being bank of america and the sec providing submissions to judge overseeing this case yesterday. the judge overseeing this says that monday's submissions raised a few additional issues about the case. essentially the judge has a couple of questions specifically for bank of america and wants to know more specifics why the...
180
180
Aug 8, 2009
08/09
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CNBC
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eye 180
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they're trying to get that merrill listen acquisition in line. i think they're making some progress here. maybe the stocks are ahead. 57% or so off last september's high. it's about 57.5% off the january low. if you look at that on a technical basis, you're probably at an inflexion point. so what i want to do is buy the november 15.12. i want to pay 30 cents for that. what am i doing? buying one november 15 put for $110. that package costs me 30 cents. how do i make money on this the trade? between 15 and 12 and november sxiration, i can make between 9 and 12% of my money. >> i think you have some -- you know, i think you have a good probability of making a -- >> it's a critical point on this trade because usually when i'm bearish, i hate these one by twos. i see a lot of people do them. one of the reasons you don't like it is because if you're making a bearish bet and the stock comes in, a lot of times you'll see the implied volatility rise and this trade isn't working in your favor for quite some time. you're hoping at that time that you get to
they're trying to get that merrill listen acquisition in line. i think they're making some progress here. maybe the stocks are ahead. 57% or so off last september's high. it's about 57.5% off the january low. if you look at that on a technical basis, you're probably at an inflexion point. so what i want to do is buy the november 15.12. i want to pay 30 cents for that. what am i doing? buying one november 15 put for $110. that package costs me 30 cents. how do i make money on this the trade?...
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Aug 11, 2009
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they trashed merrill lynch for spending $1 million on office decorations which was like 1/4,000ths of the money handed to merrill lynch to keep it alive and now you want to spend $220 million on private jets for your junkets. don't you realize you're going to get clobbered on this? >> the defense department has come across through congress, requested for, unfortunately, congress added four more in, which i am in total agreement with doing away with. these planes they are replacing are over 20 years old and do i support the senior defense department -- >> the commercial airlines i fly on are way older than 20 years old. jack burkman, would you like to weigh in on this with the congressman? sorry, we don't have him. >> let me tell you something, if you want to be a united states senator in my home state of pennsylvania you better come one arguments better than that because arlen specter will crush you to come on national television and make the argument nancy pelosi wanted these jets not for congressional perks, not cor congressional privilege but for use by the military, sir, you shoul
they trashed merrill lynch for spending $1 million on office decorations which was like 1/4,000ths of the money handed to merrill lynch to keep it alive and now you want to spend $220 million on private jets for your junkets. don't you realize you're going to get clobbered on this? >> the defense department has come across through congress, requested for, unfortunately, congress added four more in, which i am in total agreement with doing away with. these planes they are replacing are...
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Aug 25, 2009
08/09
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defending their proposed $33 million bonuses paid out by merrill. the b of a says it didn't mislead investors, saying they should are known about the bonuses give given media attention surrounding the bank takeover of merrill. they note merrill disclosed the size of its bonus pool in an earnings report last year. the s.e.c. says the final takes into consideration the seriousness of the bank's misconduct and we'll see what the judge does with that information. >>> our next guest , senator te kosman send a letter to mary schapiro yesterday outlining his concerns saying the current structure is unfair to many investors. senator is here with more. great to have you on the show. tell us specifically what you think is unfair about the current structure. >> sure. the single most important thing for this country is our credit markets, not just all of our financial markets. some things have come to light in recent months that bring into question how things are -- how things changed. i first got involved in the uptick rule. when i was at wharton, one basic ru
defending their proposed $33 million bonuses paid out by merrill. the b of a says it didn't mislead investors, saying they should are known about the bonuses give given media attention surrounding the bank takeover of merrill. they note merrill disclosed the size of its bonus pool in an earnings report last year. the s.e.c. says the final takes into consideration the seriousness of the bank's misconduct and we'll see what the judge does with that information. >>> our next guest ,...
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Aug 14, 2009
08/09
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steve desanktus with bank of america security merrill lynch. and virginia dawson, she runs the industry leaders fund. it's a large cap blend fund. so virginia have we got anne head of ourselves? >> i don't think so. you look at the production numbers that came out today. the production numbers are on the upswing. i've been saying and we've been saying that we need two more quarters of making it on the bottom line and then we're going to make it on the top line. >> i just said, like we pick and choose what's good. a week ago we might have flipped out and been up 200 points but today we just completely ignored what arguably was the best economic data when we got mired in i don't know what. >> our fund in particular we try to stay out of the sentiment and just look at the basics. if you look at companies with a strong balance sheet and companies that have great debt ratios, then they're going to do well regardless of what the market is. >> steve, the small caps, the russell 2000 down about 2.3% this week, about double what we've seen the drop in t
steve desanktus with bank of america security merrill lynch. and virginia dawson, she runs the industry leaders fund. it's a large cap blend fund. so virginia have we got anne head of ourselves? >> i don't think so. you look at the production numbers that came out today. the production numbers are on the upswing. i've been saying and we've been saying that we need two more quarters of making it on the bottom line and then we're going to make it on the top line. >> i just said, like...